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Jefferies offers more details on European sovereign debt exposure

Jefferies, dogged by questions about its exposure to European sovereign debt, on Friday disclosed a $2.4bn (€1.74bn) long position and a $2.3bn short position to the continent’s nations including Italy, Spain, Ireland, Portugal, and Greece.

Describing the interest-rate risk on those positions as "insignificant", the midsized US investment bank said it loses or gains $37,000 for every basis point the market moves.

Jefferies reported $91m in net cash exposure to Europe and a $100m short position in futures. Its net total was a $9m short position to the region.

Meanwhile, Leucadia National Corp., an investment holding company that is Jefferies' largest shareholder, disclosed that it bought an additional 500,000 shares of the securities firm's stock, just one day after it purchased one million shares, as per a regulatory filing.